Decentraland (MANA) and other metaverse cryptocurrencies surged after Facebook news » Crypto Insiders

Facebook announced its name yesterday they change to dead. The company wants to focus primarily on the development of the “metaverse”. After the announcement, a number of altcoins also aimed at the metaverse jumped a lot!

But first, what exactly is a metaverse? The term originated from Neil Stephenson’s book Snow Crash. In it, the metaverse is described as a virtual world in which users communicate and live with each other through avatars and digital environments. For example, think about games and other virtual spaces.

Encryption fits perfectly with this, of course. In addition to the ability to make payments cheaply and quickly, cryptocurrency owners already own it, despite it being digital. Advance also Irreplaceable icons (NFT’s) The ability to physically own and trade digital items. Let’s say your digital photo has a nice t-shirt, then you can sell or keep that digital t-shirt of course. Copying this shirt is impossible thanks to the underlying blockchain.

This, of course, goes further than that. People can also own digital plots of land, such as Decentraland (MANA). It now appears that metaverse-related crypto projects are getting extra attention after Facebook’s name change. MANA has already increased in value by at least 43% in the past 24 hours. Axie Infinity (AXS), an NFT game, is also in the +10% category. Sandbox (SAND) also saw a 27% increase. It is the metaverse tokens that are currently rising the fastest in the crypto market, and this can hardly be a coincidence!

In other words, Meta, Facebook, is still under fire for its crypto project. The company is developing its own crypto wallet, which is part of the metaverse development. However, the moderators and regulators are not really happy with the plans. Also, some of the major developers have already left the project.